RismadarVoice Reporters
September 16, 2026
Global oil prices declined on Wednesday as Saudi Arabia moved to make additional crude cargoes available through Oman, easing some concerns over the extent of supply disruptions in the Middle East.
The decline followed two consecutive sessions of gains in the international oil market, as traders assessed developments affecting Saudi crude exports alongside rising petroleum inventories in the United States.
Brent crude futures fell by 59 cents, representing about 0.54 per cent, to trade at $108.16 per barrel during Wednesday’s session.
United States West Texas Intermediate crude futures also declined by $1.20, or 1.13 per cent, to $104.63 per barrel.
The latest movement came after oil prices had risen by more than $3 in the previous trading session amid concerns over disruptions to crude shipments from Saudi Arabia’s Red Sea export facilities.
Crude loadings at the Yanbu export hub had been suspended, while some cargo deliveries to European customers were also cancelled, raising concerns that disruptions affecting a major export route could continue for an extended period.
However, market concerns eased after indications emerged that Saudi Arabia was offering additional crude oil cargoes to Asian refiners through ship-to-ship transfers off the port of Sohar in Oman.
The arrangement followed drone attacks that damaged a key Saudi oil pipeline serving the Red Sea export route.
The alternative supply arrangement through Oman provided some reassurance to the market that Saudi crude could continue reaching international buyers despite difficulties affecting the Red Sea route.
HORMUZ SHIPPING REMAINS BELOW NORMAL LEVELS
Shipping activity through the Strait of Hormuz remained significantly below recent average levels, reflecting continuing uncertainty surrounding maritime movements in the region.
Preliminary shipping data showed four visible vessel transits through the strategic waterway on Tuesday, compared with seven the day earlier.
The figure was considerably below the 10-day average of 18 vessel movements.
The Strait of Hormuz remains one of the world’s most important energy transportation corridors, with a substantial share of global crude oil and liquefied natural gas supplies traditionally passing through the waterway.
Despite the decline in visible vessel movements, analysts said crude oil, condensate and refined petroleum product flows through the strait had remained relatively resilient amid continuing regional hostilities.
Estimates indicated that petroleum flows through the route may have exceeded 7.5 million barrels per day since fighting in the region intensified again on August 30.
Market analysts continue to monitor developments across the Middle East, particularly their potential impact on shipping routes, crude production and international fuel supplies.
DIESEL MARKET REMAINS TIGHT
While crude oil prices retreated, pressure remained strong in the diesel market, particularly in Europe.
European gasoil futures, widely used as a benchmark for diesel prices, recently settled at record levels amid concerns over constrained supplies of crude oil and refined petroleum products from the Middle East.
The market has also been affected by disruptions to production at several Russian refineries and restrictions on fuel exports.
Reduced supplies of diesel and aviation fuel from the Middle East have added further pressure to the European market, keeping refined fuel prices elevated despite Wednesday’s decline in crude oil futures.
Diesel prices have also risen sharply in the United States, where the national average price exceeded $6 per gallon last week for the first time.
RISING U.S. INVENTORIES PRESSURE OIL PRICES
Developments in the United States provided additional downward pressure on crude prices after preliminary industry figures indicated increases in crude oil, gasoline and distillate inventories.
U.S. crude inventories reportedly increased by about 7.1 million barrels during the week ended September 11.
The increase was significantly different from market expectations, which had anticipated a decline of approximately 1.6 million barrels.
Gasoline and diesel inventories also recorded unexpected increases during the period, contributing to weaker sentiment in the oil market.
However, analysts noted that higher inventories in individual markets do not necessarily eliminate broader concerns surrounding global crude supplies.
International energy markets remain sensitive to developments in the Middle East, with traders closely monitoring Saudi export arrangements, movements through the Strait of Hormuz, regional refinery operations and petroleum inventory levels in major consuming economies.
Further changes in supply routes or regional security conditions are expected to remain important factors influencing crude oil and refined fuel prices in the coming weeks.
